Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2011

Fair Value of Financial Instruments [Abstract]


Note 12 —	Fair Value of Financial Instruments

Amounts reflected in our consolidated balance sheets as of June 30, 2011 for cash and cash equivalents approximate fair value. The fair value of our revolving credit facility has been estimated based on similar debt transactions that occurred during the six months ended June 30, 2011. Estimates of the fair value of our Senior Notes are based on market information as of June 30, 2011. A summary of the fair value and carrying value of the financial instruments is shown in the table below.


	June 30, 2011				December 31, 2010
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
	(In thousands)

Cash and cash equivalents	$	61,556	$	61,556	$	59,930	$	59,930
Revolving credit facility		195,000		195,000		10,000		9,873
2016 Notes		—		—		332,665		341,813
2018 Notes		249,525		258,258		249,525		254,516
2021 Notes		360,000		354,600		—		—

- Definition

This item represents the complete disclosure regarding the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the Company is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risk is are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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